Brighton Jones LLC Sells 152 Shares of Cummins Inc. (NYSE:CMI)

Brighton Jones LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 6.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,084 shares of the company’s stock after selling 152 shares during the quarter. Brighton Jones LLC’s holdings in Cummins were worth $577,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CMI. Price T Rowe Associates Inc. MD boosted its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 4.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after buying an additional 103,018 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Cummins by 4.8% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after acquiring an additional 64,365 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in Cummins by 5.6% during the 1st quarter. Nordea Investment Management AB now owns 911,720 shares of the company’s stock valued at $268,492,000 after acquiring an additional 48,211 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMI. Citigroup assumed coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Evercore ISI raised their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Truist Financial boosted their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays upped their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Price Performance

NYSE CMI opened at $308.24 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The stock has a market cap of $42.16 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 1.70 and a beta of 0.98. The company’s 50 day moving average is $297.72 and its two-hundred day moving average is $288.34.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the firm earned $5.18 EPS. The company’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.36%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.